The top pre-market NASDAQ stock market gainers are: Shengkai Innovations, Orthovita, Falconstor Software, Panera Bread, and BioCryst Pharmaceuticals. The top pre-market NASDAQ stock market losers are: Expedia, MannKind, Blue Nile, Optimer Pharmaceuticals, and Cephalon.

Gainers

Shengkai Innovations, Inc. (VALV) stock climbed 21.50 percent to $6.50 in the pre-market session, as it posted a higher second quarter adjsuted earnings. Adjusted profit was $8.5 million or 24 cents a share, up from $4.1 million or 13 cents a share last year. Revenue grew 78.4 percent to $22.4 million, on double digit business growth from customers in the electric power industry, petrochemical and chemical industries, and other industries.

Orthovita Inc. (VITA) stock jumped 20..45 percent to $2.65 in the pre-market trading, as its Vitoss BA Bimodal Bone Graft Substitute gets 510(k) clearance from FDA. The bone graft substitute is designed to be used as a non-structural bone void filler for use in the extremities, pelvis and posterolateral spine. Vitoss BA Bimodal differs from previous versions of Vitoss BA by modifying the size distribution of the bioactive glass particles to accelerate resorption of the bioactive glass.

Orthovita expects to launch Vitoss Bimodal in the United States in 9-12 months after the introduction of Vitoss BA2X which will be commercially introduced by Orthovita next week at the 2011 Meeting of the American Academy of Orthopedic Surgeons.

Shares of Falconstor Software Inc. (FALC) climbed 17.25 percent to $4.35 in the pre-market trading, as it reported fourth quarter adjusted earnings. Adjusted profit was $2.22 million or 5 cents a share, compared to a loss of $774,279 or 2 cents a share last year. Revenue rose 18 percent to $26.48 million. An analyst has expected a loss of 6 cents a share on revenue of $18.70 million.

Panera Bread Co. (PNRA) stock surged 8.29 percent to $107.98 in the pre-market session, as its fourth quarter earnings exceeded Street view. Profit was $37 million or $1.21 a share, up from $30 million or $0.95 a share last year. Revenue rose to 428.2 million from $367.0 million. Analysts had expected profit of $1.17 a share on revenue of $417.66 million. System-wide comparable net bakery-cafe sales grew 5.8 percent.

Panera Bread expects first quarter earnings of $1.06 to $1.08 a share, while Street predicts $0.99 a share. The first quarter outlook assumes company-owned comparable net bakery-cafe sales growth of 3.0 percent to 4.0 percent. The company raised its fiscal 2011 earnings guidance to range of $4.40 to $4.45 a share from previous forecast of $4.30 to $4.35 a share, while Street predicts $4.36 a share. The company still expects company-owned comparable net bakery-cafe sales growth of 4.0 percent to 6.0 percent for fiscal 2011.

BioCryst Pharmaceuticals, Inc. (BCRX) stock gained 6.87 percent to $4.20 in the pre-market trading, following its narrower-than-expected fourth quarter loss. Loss was $9.08 million or 20 cents a share, compared to profit of $15.15 million or 35 cents a share last year. Revenue declined to $17.81 million from $54.90 million. Analysts had expected a loss of 21 cents a share on revenue of $16.86 million.

Losers

Shares of Expedia Inc. (EXPE) plunged 13.20 percent to $22.30 in the pre-market trading, as its fourth quarter earnings missed Street view. Adjusted profit was $92.0 million or 32 cents a share, up from $88.5 million or 29 cents a share last year. Revenue rose to $808.4 million from $697.5 million. Analysts had expected profit of 36 cents a share on revenue of $802.31 million.

MannKind Corp. (MNKD) stock declined 12.06 percent to $4.45 in the pre-market session, as it eliminated 257 employees or about 41 percent of its workforce. The company said it is restructuring the organization to be focused on securing the approval of Afrezza.

The restructuring was approved by the company's board on February 2 and the workforce reduction is expected to be completed by mid-April. MannKind estimates to record charges of around $6.0 million for employee severance and other related termination benefits. Severance payments are expected to be paid in full by the end of the second quarter.

MannKind's fourth quarter loss narrowed to $38.31 million or 33 cents a share from $59.53 million or 53 cents a share last year. No revenues were reported in both quarters. Analysts had expected a loss of 40 cents a share.

Blue Nile Inc. (NILE) stock plummeted 11.88 percent to $56.10 in the pre-market trading, as it guided first quarter guidance below Street view. The company expects first quarter earnings of 14 cents to 16 cents a share and revenue of $76 million to $78.5 million, while Street predicts profit of 20 cents a share on revenue of $79.69 million.

The company expects full year 2011 earnings per share to have double-digit growth compared to last year. Blue Nile posted fourth quarter profit of $6.2 million or 41 cents a share, up from $5.4 million or 35 cents a share last year. Sales rose 11.5 percent to $114.8 million. Analysts had expected profit of 43 cents a share on revenue of $110.63 million.

Shares of Optimer Pharmaceuticals, Inc. (OPTR) decreased 9.31 percent to $11.40 in the pre-market trading, following its plan to sell shares of its common stock in an underwritten public offering. All of the shares in the offering are to be sold by Optimer.

Cephalon Inc. (CEPH) stock moved down 3.93 percent to $57.75 in the pre-market trading. Fourth quarter adjusted profit was $177 million or $2.19 a share, up from $130.5 million or $1.66 a share last year. Revenue rose to $770.6 million from $575 million. Analysts had expected profit of $1.93 a share on revenue of $731.61 million.

Cephalon anticipates first quarter adjusted earnings of $1.90 to $2.10 a share and revenue of $725 million to $755 million, while Street predicts profit of $1.97 a share on revenue of $724.06 million. The company raised fiscal 2011 adjusted earnings guidance to range of $8.70 to $9.0 a share from previous range of $8.45 to $8.60 a share. The company lifted 2011 sales outlook to range of $3.015 billion to $3.095 billion from previous range of $2.96 billion to $3.04 billion. Street predicts profit of $8.14 a share on revenue of $3.01 billion for 2011.

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